1. Elton acquired Marylyn on January 1, 2014 by issuing shares of common stock. On January 1, 2014 all Of Marylyn's assets and liabilities had fair values equal to book value except for the following:

land was undervalued by $20,000

buildings were undervalued by $300,000 (20-year remaining useful life)

equipment was overvalued by $60,000 (6-year remaining useful life)

In addition, Marylyn had internally developed a customer list with an appraised value of $200,000 and a ID-year remaining useful life. Assume Elton originally acquired Marylyn at the fair value of its net identifiable assets, which was $810,000 at the date of acquisition. Marylyn's Retained Earnings balance at the date of acquisition was $150,000.

The following are selected accounts for Elton Company and Marylyn, Inc. as of December 31, 2018 (Elton's investment in Marylyn and Equity in Marylyn's Income accounts have been omitted). Credit balances are indicated by parentheses.

1. Determine the proper December 31, 2018 consolidated totals for each of the following accounts (show your work/computations

	Elton	Marylyn
Revenues	$ (600,000)	$ (450,000)
Cost of Goods Sold	280,000	200,000
Depreciation Expense	120,000	150,000
Retained Earnings, 1/1/18	(900,000)	(600,000)
Dividends Paid	130,000	40,000
Current Assets	600,000	690,000
Land	300,000	90,000
Buildings (net)	500,000	140,000
Equipment (net)	200,000	250,000
Liabilities	(350,000)	(310,000)
Common Stock	(200,000)	(40,000)
Additional Paid-in Capital	(80,000)	(160,000)

Account	Consolidated Balance Dec. 31, 2018	Your work or explanation
Revenues
Cost of Goods Sold
Depreciation Expense
Amortization Expense
Buildings, net
Equipment, net
Customer List
Common Stock
Additional Paid-in Capital

2. Assume Elton uses the equity method and prepare consolidation entries for 2018.

Entry	Account Title	Debit	Credit